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<p>$IREN is not a typical speculative neocloud trying to raise money without committed customers.

Its August financial disclosure described a $3.6 billion investment-grade GPU financing arrangement associated with Microsoft at a 6% borrowing cost. Together with customer prepayments, that covered approximately 96% of the associated GPU capital expenditure.

Musk may be right that many neoclouds won't survive. But IREN will not be among the casualties.</p>

$IREN is not a typical speculative neocloud trying to raise money without committed customers.
Its August financial disclosure described a $3.6 billion investment-grade GPU financing arrangement associated with Microsoft at a 6% borrowing cost. Together with customer prepayments, that covered approximately 96% of the associated GPU capital expenditure.
Musk may be right that many neoclouds won't survive. But IREN will not be among the casualties.

$IREN is not a typical speculative neocloud trying to raise money without committed customers. Its August financial disclosure described a $3.6 billion investment-grade GPU financing arrangement associated with Microsoft at a 6% borrowing cost. Together with customer prepayments, that covered approximately 96% of the associated GPU capital expenditure. Musk may be right that many neoclouds won't survive. But IREN will not be among the casualties.

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